港股、海外周观察：全球市场反弹：美联储降息预期又升温

Group 1 - The report maintains a cautiously optimistic view on the Hong Kong stock market, indicating it is in a trend of upward oscillation with a solid bottom [1] - There is potential for increased positioning from southbound funds, with some already allocating to internet technology stocks [1][5] - The market is focused on dividends and is seeking out industries with favorable conditions, particularly in technology and consumer sectors [1][3] Group 2 - The U.S. stock market saw significant gains, with the Nasdaq rising by 3.9%, S&P 500 by 2.4%, and Dow Jones by 1.3%, driven by heightened expectations for interest rate cuts [2] - As of August 10, 90% of companies in the S&P 500 had reported Q2 earnings, with a blended earnings growth rate of 11.8%, surpassing the expected 5% [3] - The technology sector, along with consumer discretionary and communication services, contributed significantly to the positive earnings surprises [3] Group 3 - The report highlights that the overall average tariff rate in the U.S. has risen to 20.11%, the highest on record, yet the market is pricing in exemptions for companies that build factories in the U.S. [3] - The report notes that the S&P 500's market breadth has increased to 59%, indicating a positive sentiment in the market [6][22] - The report emphasizes that the long-term trend for the U.S. stock market remains upward, supported by stable consumer income and the ongoing impact of AI technology [6]